🇺🇸 SECPDD Holdings Inc. American Depositary SharesCodex · 实盘不做把握 8/10不做原因:无增量信息
北京时间·🕒 发布 19:20:02·⟳ 抓取 08-26 06:51:14 +11h31m·⚡ 决策 08-25 19:23:34 −11h27m·62.8 天前
PDD提交二季度业绩6-K,附件为前一日已公开业绩稿且无新增交易事实
本条抓到的是SEC 6-K法定备案,附件业绩稿已经在2026-08-24盘前发布并被媒体扩散;备案本身没有新增金额、指引、管理层增量表述或监管进展。
📄 原文PDD Holdings Inc. American Depositary Shares↗ 原文
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不做 PDD Holdings Inc.(PDD.US)
不做:本次SEC 6-K只是前一日已发布业绩稿的法定备案,收入miss与盈利beat已被市场和媒体处理,无新增事实支持隔日再开仓。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
PDD二季度收入低于预期但盈利好于预期,业绩方向为混合;但该业绩新闻稿和电话会已在2026-08-24盘前公开,市场已在前一交易日处理。2026-08-25的6-K只把同一新闻稿提交SEC,没有新增事实,因此不应基于重复备案开仓。
消息传播链
- 公司新闻稿披露二季度业绩,并安排同日07:30 ET电话会。
- 媒体报道PDD盈利超预期、收入低于预期,并记录盘前上涨。市场反应:报道显示业绩公布后盘前上涨。
- 公司提交6-K,将前一日业绩新闻稿作为附件99.1备案;未见新增财务指引或新事项。
关键理由
- 收入1123.58亿元人民币低于市场约1139亿至1163.5亿元人民币预期,Non-GAAP每ADS盈利19.33元人民币高于约18.35元预期,业绩不是单边强利好。
- 本次SEC备案相对2026-08-24公司新闻稿无新增事实,不能视为新的可交易催化。
- PDD约千亿美元级市值下,收入miss与盈利beat已在首发业绩日重定价,隔日备案没有新的量级句可支持交易。
主要风险
- 若后续公司另行披露Temu监管、补贴强度、资本回报或全年指引变化,应作为独立新事件重新评估。
- 平台投入加大、全球贸易监管和收入增速放缓仍压制估值,但这些不是本次6-K新增利空。
反向证据
先例如何影响了这次决策
对本次决策的影响:先例强化本次NO_INCREMENTAL_FACT判断,最终选择不对PDD.US开新仓。
方向:同主体业绩先例显示价格主要在业绩首发当天反映,收入和盈利方向混合时方向不稳定。
涨幅量级:缺少高相似且锚点干净的滞后6-K备案先例,不能用历史涨跌幅设定交易目标。
形态:先例更支持首发业绩日交易,而不是在隔日SEC备案时追单。
历史先例(按相似度)
- 相似度 7/10 PDD 2026-05-27 PDD 2026年一季度业绩低于预期,股价当日明显下跌。 原文 ↗
事件后 +1日 -10.4% · +2日 -14.1% · +3日 -12.6% · +4日 -9.7% · +5日 -8.8%
⚠非首发(转载/聚合)·来源层级不符(声明issuer/实为aggregator)·未核对目标相位 — 该行涨幅别用来定止盈止损
相似度依据:同一主体、同为盘前季度业绩披露,但Q1为收入和盈利双miss,方向比本次更单边负面。
经验:PDD业绩若出现明确双miss,市场会在首发当天快速重定价,滞后备案没有二次edge。 - 相似度 6/10 PDD 2026-03-25 PDD 2025年四季度收入同比增长12%、归母净利润同比下降11%。 原文 ↗
事件后 +1日 +4.6% · +2日 +2.6% · +3日 +1.8% · +4日 +0.3% · +5日 +4.2%
⚠未核对目标相位 — 该行涨幅别用来定止盈止损
相似度依据:同一主体、同为季度业绩披露,但为Q4/全年结果,收入增长与利润下降组合相似。
经验:PDD利润承压但收入和经营利润仍有支撑时,市场反应可为正,但关键在首发时点而非后续备案。
原文全文
展开原文 · 24,453 字
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ACCESSION NUMBER: 0001104659-26-100534
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20260825
FILED AS OF DATE: 20260825
DATE AS OF CHANGE: 20260825
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PDD Holdings Inc.
CENTRAL INDEX KEY: 0001737806
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389]
ORGANIZATION NAME: 07 Trade & Services
EIN: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-38591
FILM NUMBER: 261312377
BUSINESS ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
BUSINESS PHONE: 353 1 5397938
MAIL ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180709
FORMER COMPANY:
FORMER CONFORMED NAME: Walnut Street Group Holding Ltd
DATE OF NAME CHANGE: 20180628
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180628
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0001104659-26-100534.txt : 20260825
0001104659-26-100534.hdr.sgml : 20260825
20260825072002
ACCESSION NUMBER: 0001104659-26-100534
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20260825
FILED AS OF DATE: 20260825
DATE AS OF CHANGE: 20260825
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PDD Holdings Inc.
CENTRAL INDEX KEY: 0001737806
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389]
ORGANIZATION NAME: 07 Trade & Services
EIN: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-38591
FILM NUMBER: 261312377
BUSINESS ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
BUSINESS PHONE: 353 1 5397938
MAIL ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180709
FORMER COMPANY:
FORMER CONFORMED NAME: Walnut Street Group Holding Ltd
DATE OF NAME CHANGE: 20180628
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180628
6-K
1
tm2623874d1_6k.htm
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-38591
PDD Holdings Inc.
First Floor, 25 St Stephen’s Green,
Dublin 2, D02 XF99
Ireland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
¨
Exhibit Index
Exhibit 99.1—Press Release (Earnings Release)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PDD HOLDINGS INC.
By
:
/s/ Lei Chen
Name
:
Lei Chen
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
By
:
/s/ Jiazhen Zhao
Name
:
Jiazhen Zhao
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
Date: August 25, 2026
EX-99.1
2
tm2623874d1_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
PDD Holdings
Announces
Second Quarter 2026 Unaudited Financial Results
DUBLIN
and SHANGHAI,
Aug.
24,
2026 (GLOBE NEWSWIRE)
–
PDD Holdings Inc. (
“
PDD
Holdings
”
or the
“
Company
”
)
(NASDAQ: PDD), today announced its unaudited financial results for the second quarter ended June
30,
2026.
Second
Quarter 2026 Highlights
·
Total
revenues
in the quarter were RMB
112.4 billion (US$
1
16.6
billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025.
·
Operating
profit
in the quarter was RMB
27.8 billion (US$4.1 billion), an increase of 8%
from RMB25.8 billion in the same quarter of 2025.
Non-GAAP
2
operating profit
in the quarter was RMB29.1 billion (US$4.3 billion), an increase of
5% from RMB27.7 billion in the same quarter of 2025.
·
Net
income attributable to ordinary shareholders
in the quarter was RMB
27.2 billion
(US$4.0 billion), a decrease of 12% from RMB30.8 billion in the same quarter of 2025.
Non-GAAP
net income attributable to ordinary shareholders
in the quarter was RMB28.5 billion (US$4.2
billion), a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
“
Since
the start of the year, global trade and regulatory landscapes have continued to evolve, creating significant challenges while also presenting
new opportunities,
”
said Mr.
Lei
Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings.
“
We
feel a strong sense of responsibility that comes with our unique position in global trade and will work diligently to build a trustworthy
platform that consumers can rely on over the long run.
”
“
During
the first half of the year, we continued to strengthen ecosystem governance within our daily operations, rolling out targeted trust and
safety initiatives across categories,
”
said Mr.
Jiazhen
Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings.
“
We
view compliance as a fundamental priority and are fully committed to safeguarding consumer rights and building lasting trust.
”
“
We
stepped up our ecosystem investments in the second quarter,
”
said
Ms.
Jun Liu, VP of Finance of PDD Holdings.
“
At
this stage, our priority is helping merchants thrive and strengthening the broader industry ecosystem. We will continue to focus on these
fundamentals to drive the platform
’
s sustainable development over
the long term.
”
1
This announcement contains translations
of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience
of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.7851 to US$1.00, the noon buying rate in
effect on June 30, 2026 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2
The Company’s non-GAAP financial
measures exclude share-based compensation expenses. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP
Measures” set forth at the end of this press release.
1
Second
Quarter 2026 Unaudited Financial Results
Total revenues
were RMB112.4 billion (US$16.6 billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025. The increase
was primarily due to the increase in revenues from transaction services.
·
Revenues
from online marketing services and others
were RMB
57.6 billion (US$8.5 billion),
compared with RMB55.7 billion in the same quarter of 2025.
·
Revenues
from transaction services
were RMB
54.7 billion (US$8.1 billion), an increase of
13% from RMB48.3 billion in the same quarter of 2025.
Total costs
of revenues
were RMB48.0 billion (US$7.1 billion), compared with RMB45.9 billion in the same quarter of 2025.
Total operating
expenses
were RMB36.6 billion (US$5.4 billion), an increase of 13% from RMB32.3 billion in the same quarter of 2025. The increase
was primarily due to the increase in sales and marketing expenses.
·
Sales
and marketing expenses
were RMB
29.7 billion (US$4.4 billion), compared with RMB27.2
billion in the same quarter of 2025.
·
General
and administrative expenses
were RMB2.3 billion (US$345 million), compared with RMB1.5
billion in the same quarter of 2025.
·
Research
and development expenses
were RMB
4.6 billion (US$673 million), compared with RMB3.6
billion in the same quarter of 2025.
2
Operating profit
in the quarter was RMB27.8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025.
Non-GAAP
operating profit
in the quarter was RMB29.1 billion (US$4.3 billion), an increase of 5% from RMB27.7 billion in the same quarter
of 2025.
Net income attributable
to ordinary shareholders
in the quarter was RMB27.2 billion (US$4.0 billion), a decrease of 12% from RMB30.8 billion in the
same quarter of 2025.
Non-GAAP net income attributable to ordinary shareholders
in the quarter was RMB28.5 billion (US$4.2 billion),
a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
Basic earnings
per ADS
was RMB19.32 (US$2.85) and diluted earnings per ADS was RMB18.45 (US$2.72), compared with basic earnings per ADS of
RMB22.01 and diluted earnings per ADS of RMB20.75 in the same quarter of 2025.
Non-GAAP diluted earnings per ADS
was RMB19.33
(US$2.85), compared with RMB22.07 in the same quarter of 2025.
Net cash generated
from operating activities
was RMB25.7 billion (US$3.8 billion), compared with RMB21.6 billion in the same quarter of 2025.
Cash,
cash equivalents and short-term investments
were RMB456.4 billion
(US$67.3 billion) as of June
30, 2026, compared with RMB422.3 billion
as of December
31, 2025.
Other non-current
assets
were RMB96.4 billion (US$14.2 billion) as of June 30, 2026, compared with RMB104.7 billion as of December 31,
2025, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.
3
Conference Call
The Company’s
management will hold an earnings conference call at 7:30 AM ET on
August 24, 2026 (12:30 PM IST and 7:30 PM HKT on the same
day).
The conference
call will be webcast live at
https://investor.pddholdings.com/investor-events
. The webcast
will be available for replay at the same website following the conclusion of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers
and uses non-GAAP measures, such as non-GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted
earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses.
The Company presents these non-GAAP financial
measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that
the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses,
which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the
Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures
are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations
as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s
operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may
differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure,
all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information
in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures”
set forth at the end of this press release.
4
Safe Harbor Statements
This announcement contains forward-looking statements.
These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“aims,” “future,” “intends,” “plans,” “believes,” “estimates,”
“confident,” “potential,” “continue” or other similar expressions. Among other things, the business
outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain
forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts,
including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained
in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business
development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to
attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants
and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control
policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets
globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items;
the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in
the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions
globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable law.
5
About PDD Holdings
PDD Holdings is a multinational commerce group
that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that
local communities and small businesses can benefit from the increased productivity and new opportunities.
For investor and media inquiries, please contact:
investor@pddholdings.com
media@pddholdings.com
6
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in
millions
of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December 31,
2025
June 30,
2026
RMB
RMB
(Unaudited)
US$
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
108,901
128,918
19,000
Restricted cash
73,831
77,274
11,389
Receivables from online payment platforms
5,109
6,079
896
Short-term investments
313,408
327,496
48,267
Amounts due from related parties
10,205
8,432
1,243
Prepayments and other current assets
7,527
8,581
1,265
Total current assets
518,981
556,780
82,060
Non-current assets
Property, equipment and software, net
1,306
4,752
700
Intangible assets
15
14
2
Right-of-use assets
4,863
4,316
636
Deferred tax assets
172
1,162
171
Other non-current assets
104,708
96,383
14,205
Total non-current assets
111,064
106,627
15,714
Total Assets
630,045
663,407
97,774
7
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in
millions
of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December 31,
2025
June 30,
2026
RMB
RMB
(Unaudited)
US$
(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Amounts due to related parties
1,087
1,266
187
Customer advances and deferred revenues
3,379
3,641
537
Payable to merchants
107,407
109,924
16,201
Accrued expenses and other liabilities
81,658
76,883
11,330
Merchant deposits
17,708
18,545
2,733
Lease liabilities
2,499
2,455
362
Total current liabilities
213,738
212,714
31,350
Non-current liabilities
Lease liabilities
2,880
2,389
352
Other non-current liabilities
42
517
76
Total non-current liabilities
2,922
2,906
428
Total Liabilities
216,660
215,620
31,778
Shareholders’ equity
Ordinary shares
-
*
-
*
-
*
Additional paid-in capital
125,768
128,599
18,953
Statutory reserves
1,338
1,338
197
Accumulated other comprehensive income/(loss)
2,116
(6,042
)
(890
)
Retained earnings
284,163
323,892
47,736
Total Shareholders’ Equity
413,385
447,787
65,996
Total Liabilities and Shareholders’
Equity
630,045
663,407
97,774
* Absolute value is less than RMB1 million or US$1 million.
8
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions of RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
103,985
112,358
16,560
199,657
218,587
32,216
Costs of revenues
(45,859
)
(48,017
)
(7,077
)
(86,805
)
(94,910
)
(13,988
)
Sales and marketing expenses
(27,210
)
(29,668
)
(4,373
)
(60,613
)
(63,441
)
(9,350
)
General and administrative
expenses
(1,532
)
(2,342
)
(345
)
(3,191
)
(3,921
)
(578
)
Research
and development expenses
(3,591
)
(4,567
)
(673
)
(7,169
)
(8,985
)
(1,324
)
Total
operating expenses
(32,333
)
(36,577
)
(5,391
)
(70,973
)
(76,347
)
(11,252
)
Operating profit
25,793
27,764
4,092
41,879
47,330
6,976
Interest and investment income,
net
10,423
13,505
1,990
10,646
12,873
1,897
Foreign exchange loss
(799
)
(558
)
(82
)
(1,041
)
(703
)
(104
)
Other
income/(loss), net
119
(7,399
)
(1,090
)
3,380
(9,430
)
(1,390
)
Profit before income tax
and share of results of equity investees
35,536
33,312
4,910
54,864
50,070
7,379
Share of results of equity
investees
37
(38
)
(6
)
(68
)
(134
)
(20
)
Income
tax expenses
(4,819
)
(6,092
)
(898
)
(9,300
)
(10,207
)
(1,504
)
Net
income
30,754
27,182
4,006
45,496
39,729
5,855
9
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(Amounts
in millions of RMB and US$,
except for per share data
)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net
income
30,754
27,182
4,006
45,496
39,729
5,855
Net
income attributable to ordinary shareholders
30,754
27,182
4,006
45,496
39,729
5,855
Earnings per ordinary share:
-Basic
5.50
4.83
0.71
8.16
7.07
1.04
-Diluted
5.19
4.61
0.68
7.67
6.73
0.99
Earnings
per ADS (4 ordinary shares equals 1 ADS):
-Basic
22.01
19.32
2.85
32.63
28.27
4.17
-Diluted
20.75
18.45
2.72
30.69
26.90
3.96
Weighted-average
number of ordinary shares outstanding (in millions):
-Basic
5,588
5,627
5,627
5,578
5,622
5,622
-Diluted
5,928
5,894
5,894
5,930
5,907
5,907
10
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in millions of RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
- Online marketing
services and others
55,703
57,637
8,494
104,425
107,573
15,855
- Transaction
services
48,282
54,721
8,066
95,232
111,014
16,361
Total
103,985
112,358
16,560
199,657
218,587
32,216
11
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in millions of RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Share-based compensation expenses
included in:
Costs of revenues
65
46
7
122
74
11
Sales and marketing expenses
485
319
47
1,122
680
100
General and administrative expenses
865
645
95
1,789
1,352
199
Research and
development expenses
540
297
44
1,096
725
107
Total
1,955
1,307
193
4,129
2,831
417
12
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Amounts in millions of
RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
RMB
RMB
RMB
RMB
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net
cash generated from operating activities
21,642
25,670
3,783
37,159
42,115
6,207
Net
cash used in investing activities
(27,022
)
(19,974
)
(2,944
)
(33,406
)
(17,892
)
(2,638
)
Net
cash generated from financing activities
-
*
-
*
-
*
-
*
-
*
-
*
Effect
of exchange rate changes on cash, cash equivalents and restricted cash
22
1,242
184
(47
)
(763
)
(111
)
(Decrease)/increase
in cash, cash equivalents and restricted cash
(5,358
)
6,938
1,023
3,706
23,460
3,458
Cash,
cash equivalents and restricted cash at beginning of period
135,258
199,254
29,366
126,194
182,732
26,931
Cash,
cash equivalents and restricted cash at end of period
129,900
206,192
30,389
129,900
206,192
30,389
* Absolute value is less than RMB1 million or US$1 million.
13
PDD HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in millions of RMB and US$, except for
per share data)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Operating
profit
25,793
27,764
4,092
41,879
47,330
6,976
Add:
Share-based compensation expenses
1,955
1,307
193
4,129
2,831
417
Non-GAAP
operating profit
27,748
29,071
4,285
46,008
50,161
7,393
Net
income attributable to ordinary shareholders
30,754
27,182
4,006
45,496
39,729
5,855
Add:
Share-based compensation expenses
1,955
1,307
193
4,129
2,831
417
Non-GAAP
net income attributable to ordinary shareholders
32,709
28,489
4,199
49,625
42,560
6,272
Non-GAAP
diluted weighted-average number of ordinary shares outstanding (in millions)
5,928
5,894
5,894
5,930
5,907
5,907
Diluted
earnings per ordinary share
5.19
4.61
0.68
7.67
6.73
0.99
Add:
Non-GAAP adjustments to earnings per ordinary share
0.33
0.22
0.03
0.70
0.47
0.07
Non-GAAP
diluted earnings per ordinary share
5.52
4.83
0.71
8.37
7.20
1.06
Non-GAAP
diluted earnings per ADS
22.07
19.33
2.85
33.47
28.82
4.24
14
----- tm2623874d1_6k.htm -----
6-K
1
tm2623874d1_6k.htm
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-38591
PDD Holdings Inc.
First Floor, 25 St Stephen’s Green,
Dublin 2, D02 XF99
Ireland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
¨
Exhibit Index
Exhibit 99.1—Press Release (Earnings Release)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PDD HOLDINGS INC.
By
:
/s/ Lei Chen
Name
:
Lei Chen
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
By
:
/s/ Jiazhen Zhao
Name
:
Jiazhen Zhao
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
Date: August 25, 2026
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<ACCEPTANCE-DATETIME>20260825072002
ACCESSION NUMBER: 0001104659-26-100534
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20260825
FILED AS OF DATE: 20260825
DATE AS OF CHANGE: 20260825
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PDD Holdings Inc.
CENTRAL INDEX KEY: 0001737806
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389]
ORGANIZATION NAME: 07 Trade & Services
EIN: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-38591
FILM NUMBER: 261312377
BUSINESS ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
BUSINESS PHONE: 353 1 5397938
MAIL ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180709
FORMER COMPANY:
FORMER CONFORMED NAME: Walnut Street Group Holding Ltd
DATE OF NAME CHANGE: 20180628
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180628
</SEC-HEADER>
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----- 0001104659-26-100534.txt -----
0001104659-26-100534.txt : 20260825
0001104659-26-100534.hdr.sgml : 20260825
20260825072002
ACCESSION NUMBER: 0001104659-26-100534
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20260825
FILED AS OF DATE: 20260825
DATE AS OF CHANGE: 20260825
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PDD Holdings Inc.
CENTRAL INDEX KEY: 0001737806
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389]
ORGANIZATION NAME: 07 Trade & Services
EIN: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-38591
FILM NUMBER: 261312377
BUSINESS ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
BUSINESS PHONE: 353 1 5397938
MAIL ADDRESS:
ADDRESS IS A NON US LOCATION: YES
STREET 1: FIRST FLOOR, 25 ST STEPHEN'S GREEN
CITY: DUBLIN 2
PROVINCE COUNTRY: L2
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180709
FORMER COMPANY:
FORMER CONFORMED NAME: Walnut Street Group Holding Ltd
DATE OF NAME CHANGE: 20180628
FORMER COMPANY:
FORMER CONFORMED NAME: Pinduoduo Inc.
DATE OF NAME CHANGE: 20180628
6-K
1
tm2623874d1_6k.htm
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-38591
PDD Holdings Inc.
First Floor, 25 St Stephen’s Green,
Dublin 2, D02 XF99
Ireland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
¨
Exhibit Index
Exhibit 99.1—Press Release (Earnings Release)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PDD HOLDINGS INC.
By
:
/s/ Lei Chen
Name
:
Lei Chen
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
By
:
/s/ Jiazhen Zhao
Name
:
Jiazhen Zhao
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
Date: August 25, 2026
EX-99.1
2
tm2623874d1_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
PDD Holdings
Announces
Second Quarter 2026 Unaudited Financial Results
DUBLIN
and SHANGHAI,
Aug.
24,
2026 (GLOBE NEWSWIRE)
–
PDD Holdings Inc. (
“
PDD
Holdings
”
or the
“
Company
”
)
(NASDAQ: PDD), today announced its unaudited financial results for the second quarter ended June
30,
2026.
Second
Quarter 2026 Highlights
·
Total
revenues
in the quarter were RMB
112.4 billion (US$
1
16.6
billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025.
·
Operating
profit
in the quarter was RMB
27.8 billion (US$4.1 billion), an increase of 8%
from RMB25.8 billion in the same quarter of 2025.
Non-GAAP
2
operating profit
in the quarter was RMB29.1 billion (US$4.3 billion), an increase of
5% from RMB27.7 billion in the same quarter of 2025.
·
Net
income attributable to ordinary shareholders
in the quarter was RMB
27.2 billion
(US$4.0 billion), a decrease of 12% from RMB30.8 billion in the same quarter of 2025.
Non-GAAP
net income attributable to ordinary shareholders
in the quarter was RMB28.5 billion (US$4.2
billion), a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
“
Since
the start of the year, global trade and regulatory landscapes have continued to evolve, creating significant challenges while also presenting
new opportunities,
”
said Mr.
Lei
Chen, Co-Chairman and Co-Chief Executive Officer of PDD Holdings.
“
We
feel a strong sense of responsibility that comes with our unique position in global trade and will work diligently to build a trustworthy
platform that consumers can rely on over the long run.
”
“
During
the first half of the year, we continued to strengthen ecosystem governance within our daily operations, rolling out targeted trust and
safety initiatives across categories,
”
said Mr.
Jiazhen
Zhao, Co-Chairman and Co-Chief Executive Officer of PDD Holdings.
“
We
view compliance as a fundamental priority and are fully committed to safeguarding consumer rights and building lasting trust.
”
“
We
stepped up our ecosystem investments in the second quarter,
”
said
Ms.
Jun Liu, VP of Finance of PDD Holdings.
“
At
this stage, our priority is helping merchants thrive and strengthening the broader industry ecosystem. We will continue to focus on these
fundamentals to drive the platform
’
s sustainable development over
the long term.
”
1
This announcement contains translations
of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at a specified rate solely for the convenience
of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.7851 to US$1.00, the noon buying rate in
effect on June 30, 2026 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2
The Company’s non-GAAP financial
measures exclude share-based compensation expenses. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP
Measures” set forth at the end of this press release.
1
Second
Quarter 2026 Unaudited Financial Results
Total revenues
were RMB112.4 billion (US$16.6 billion), an increase of 8% from RMB104.0 billion in the same quarter of 2025. The increase
was primarily due to the increase in revenues from transaction services.
·
Revenues
from online marketing services and others
were RMB
57.6 billion (US$8.5 billion),
compared with RMB55.7 billion in the same quarter of 2025.
·
Revenues
from transaction services
were RMB
54.7 billion (US$8.1 billion), an increase of
13% from RMB48.3 billion in the same quarter of 2025.
Total costs
of revenues
were RMB48.0 billion (US$7.1 billion), compared with RMB45.9 billion in the same quarter of 2025.
Total operating
expenses
were RMB36.6 billion (US$5.4 billion), an increase of 13% from RMB32.3 billion in the same quarter of 2025. The increase
was primarily due to the increase in sales and marketing expenses.
·
Sales
and marketing expenses
were RMB
29.7 billion (US$4.4 billion), compared with RMB27.2
billion in the same quarter of 2025.
·
General
and administrative expenses
were RMB2.3 billion (US$345 million), compared with RMB1.5
billion in the same quarter of 2025.
·
Research
and development expenses
were RMB
4.6 billion (US$673 million), compared with RMB3.6
billion in the same quarter of 2025.
2
Operating profit
in the quarter was RMB27.8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025.
Non-GAAP
operating profit
in the quarter was RMB29.1 billion (US$4.3 billion), an increase of 5% from RMB27.7 billion in the same quarter
of 2025.
Net income attributable
to ordinary shareholders
in the quarter was RMB27.2 billion (US$4.0 billion), a decrease of 12% from RMB30.8 billion in the
same quarter of 2025.
Non-GAAP net income attributable to ordinary shareholders
in the quarter was RMB28.5 billion (US$4.2 billion),
a decrease of 13% from RMB32.7 billion in the same quarter of 2025.
Basic earnings
per ADS
was RMB19.32 (US$2.85) and diluted earnings per ADS was RMB18.45 (US$2.72), compared with basic earnings per ADS of
RMB22.01 and diluted earnings per ADS of RMB20.75 in the same quarter of 2025.
Non-GAAP diluted earnings per ADS
was RMB19.33
(US$2.85), compared with RMB22.07 in the same quarter of 2025.
Net cash generated
from operating activities
was RMB25.7 billion (US$3.8 billion), compared with RMB21.6 billion in the same quarter of 2025.
Cash,
cash equivalents and short-term investments
were RMB456.4 billion
(US$67.3 billion) as of June
30, 2026, compared with RMB422.3 billion
as of December
31, 2025.
Other non-current
assets
were RMB96.4 billion (US$14.2 billion) as of June 30, 2026, compared with RMB104.7 billion as of December 31,
2025, which mainly included time deposits, held-to-maturity debt securities, and available-for-sale debt securities.
3
Conference Call
The Company’s
management will hold an earnings conference call at 7:30 AM ET on
August 24, 2026 (12:30 PM IST and 7:30 PM HKT on the same
day).
The conference
call will be webcast live at
https://investor.pddholdings.com/investor-events
. The webcast
will be available for replay at the same website following the conclusion of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers
and uses non-GAAP measures, such as non-GAAP operating profit, non-GAAP net income attributable to ordinary shareholders, non-GAAP diluted
earnings per ordinary share, and non-GAAP diluted earnings per ADS, as supplemental measures to review and assess operating performance.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”). The Company’s non-GAAP financial measures exclude the impact of share-based compensation expenses.
The Company presents these non-GAAP financial
measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that
the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses,
which are non-cash charges. The Company also believes that the non-GAAP financial measures may provide further information about the
Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures
are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations
as analytical tools. These non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s
operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may
differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure,
all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information
in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures”
set forth at the end of this press release.
4
Safe Harbor Statements
This announcement contains forward-looking statements.
These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,”
“aims,” “future,” “intends,” “plans,” “believes,” “estimates,”
“confident,” “potential,” “continue” or other similar expressions. Among other things, the business
outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain
forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts,
including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained
in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business
development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to
attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants
and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control
policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in the e-commerce markets
globally and in the countries or regions where the Company has operations; changes in its revenues and certain cost or expense items;
the expected growth of e-commerce markets globally and in the countries or regions where the Company has operations; developments in
the relevant governmental policies and regulations relating to the Company’s industry; and general economic and business conditions
globally and in the countries or regions where the Company has operations; and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable law.
5
About PDD Holdings
PDD Holdings is a multinational commerce group
that owns and operates a portfolio of businesses. PDD Holdings aims to bring more businesses and people into the digital economy so that
local communities and small businesses can benefit from the increased productivity and new opportunities.
For investor and media inquiries, please contact:
investor@pddholdings.com
media@pddholdings.com
6
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in
millions
of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December 31,
2025
June 30,
2026
RMB
RMB
(Unaudited)
US$
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
108,901
128,918
19,000
Restricted cash
73,831
77,274
11,389
Receivables from online payment platforms
5,109
6,079
896
Short-term investments
313,408
327,496
48,267
Amounts due from related parties
10,205
8,432
1,243
Prepayments and other current assets
7,527
8,581
1,265
Total current assets
518,981
556,780
82,060
Non-current assets
Property, equipment and software, net
1,306
4,752
700
Intangible assets
15
14
2
Right-of-use assets
4,863
4,316
636
Deferred tax assets
172
1,162
171
Other non-current assets
104,708
96,383
14,205
Total non-current assets
111,064
106,627
15,714
Total Assets
630,045
663,407
97,774
7
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in
millions
of Renminbi (“RMB”) and U.S. dollars (“US$”))
As of
December 31,
2025
June 30,
2026
RMB
RMB
(Unaudited)
US$
(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Amounts due to related parties
1,087
1,266
187
Customer advances and deferred revenues
3,379
3,641
537
Payable to merchants
107,407
109,924
16,201
Accrued expenses and other liabilities
81,658
76,883
11,330
Merchant deposits
17,708
18,545
2,733
Lease liabilities
2,499
2,455
362
Total current liabilities
213,738
212,714
31,350
Non-current liabilities
Lease liabilities
2,880
2,389
352
Other non-current liabilities
42
517
76
Total non-current liabilities
2,922
2,906
428
Total Liabilities
216,660
215,620
31,778
Shareholders’ equity
Ordinary shares
-
*
-
*
-
*
Additional paid-in capital
125,768
128,599
18,953
Statutory reserves
1,338
1,338
197
Accumulated other comprehensive income/(loss)
2,116
(6,042
)
(890
)
Retained earnings
284,163
323,892
47,736
Total Shareholders’ Equity
413,385
447,787
65,996
Total Liabilities and Shareholders’
Equity
630,045
663,407
97,774
* Absolute value is less than RMB1 million or US$1 million.
8
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in millions of RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
103,985
112,358
16,560
199,657
218,587
32,216
Costs of revenues
(45,859
)
(48,017
)
(7,077
)
(86,805
)
(94,910
)
(13,988
)
Sales and marketing expenses
(27,210
)
(29,668
)
(4,373
)
(60,613
)
(63,441
)
(9,350
)
General and administrative
expenses
(1,532
)
(2,342
)
(345
)
(3,191
)
(3,921
)
(578
)
Research
and development expenses
(3,591
)
(4,567
)
(673
)
(7,169
)
(8,985
)
(1,324
)
Total
operating expenses
(32,333
)
(36,577
)
(5,391
)
(70,973
)
(76,347
)
(11,252
)
Operating profit
25,793
27,764
4,092
41,879
47,330
6,976
Interest and investment income,
net
10,423
13,505
1,990
10,646
12,873
1,897
Foreign exchange loss
(799
)
(558
)
(82
)
(1,041
)
(703
)
(104
)
Other
income/(loss), net
119
(7,399
)
(1,090
)
3,380
(9,430
)
(1,390
)
Profit before income tax
and share of results of equity investees
35,536
33,312
4,910
54,864
50,070
7,379
Share of results of equity
investees
37
(38
)
(6
)
(68
)
(134
)
(20
)
Income
tax expenses
(4,819
)
(6,092
)
(898
)
(9,300
)
(10,207
)
(1,504
)
Net
income
30,754
27,182
4,006
45,496
39,729
5,855
9
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(Amounts
in millions of RMB and US$,
except for per share data
)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net
income
30,754
27,182
4,006
45,496
39,729
5,855
Net
income attributable to ordinary shareholders
30,754
27,182
4,006
45,496
39,729
5,855
Earnings per ordinary share:
-Basic
5.50
4.83
0.71
8.16
7.07
1.04
-Diluted
5.19
4.61
0.68
7.67
6.73
0.99
Earnings
per ADS (4 ordinary shares equals 1 ADS):
-Basic
22.01
19.32
2.85
32.63
28.27
4.17
-Diluted
20.75
18.45
2.72
30.69
26.90
3.96
Weighted-average
number of ordinary shares outstanding (in millions):
-Basic
5,588
5,627
5,627
5,578
5,622
5,622
-Diluted
5,928
5,894
5,894
5,930
5,907
5,907
10
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in millions of RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
- Online marketing
services and others
55,703
57,637
8,494
104,425
107,573
15,855
- Transaction
services
48,282
54,721
8,066
95,232
111,014
16,361
Total
103,985
112,358
16,560
199,657
218,587
32,216
11
PDD HOLDINGS INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in millions of RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Share-based compensation expenses
included in:
Costs of revenues
65
46
7
122
74
11
Sales and marketing expenses
485
319
47
1,122
680
100
General and administrative expenses
865
645
95
1,789
1,352
199
Research and
development expenses
540
297
44
1,096
725
107
Total
1,955
1,307
193
4,129
2,831
417
12
PDD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Amounts in millions of
RMB and US$)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
RMB
RMB
RMB
RMB
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net
cash generated from operating activities
21,642
25,670
3,783
37,159
42,115
6,207
Net
cash used in investing activities
(27,022
)
(19,974
)
(2,944
)
(33,406
)
(17,892
)
(2,638
)
Net
cash generated from financing activities
-
*
-
*
-
*
-
*
-
*
-
*
Effect
of exchange rate changes on cash, cash equivalents and restricted cash
22
1,242
184
(47
)
(763
)
(111
)
(Decrease)/increase
in cash, cash equivalents and restricted cash
(5,358
)
6,938
1,023
3,706
23,460
3,458
Cash,
cash equivalents and restricted cash at beginning of period
135,258
199,254
29,366
126,194
182,732
26,931
Cash,
cash equivalents and restricted cash at end of period
129,900
206,192
30,389
129,900
206,192
30,389
* Absolute value is less than RMB1 million or US$1 million.
13
PDD HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in millions of RMB and US$, except for
per share data)
For
the three months ended June 30,
For
the six months ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Operating
profit
25,793
27,764
4,092
41,879
47,330
6,976
Add:
Share-based compensation expenses
1,955
1,307
193
4,129
2,831
417
Non-GAAP
operating profit
27,748
29,071
4,285
46,008
50,161
7,393
Net
income attributable to ordinary shareholders
30,754
27,182
4,006
45,496
39,729
5,855
Add:
Share-based compensation expenses
1,955
1,307
193
4,129
2,831
417
Non-GAAP
net income attributable to ordinary shareholders
32,709
28,489
4,199
49,625
42,560
6,272
Non-GAAP
diluted weighted-average number of ordinary shares outstanding (in millions)
5,928
5,894
5,894
5,930
5,907
5,907
Diluted
earnings per ordinary share
5.19
4.61
0.68
7.67
6.73
0.99
Add:
Non-GAAP adjustments to earnings per ordinary share
0.33
0.22
0.03
0.70
0.47
0.07
Non-GAAP
diluted earnings per ordinary share
5.52
4.83
0.71
8.37
7.20
1.06
Non-GAAP
diluted earnings per ADS
22.07
19.33
2.85
33.47
28.82
4.24
14
----- tm2623874d1_6k.htm -----
6-K
1
tm2623874d1_6k.htm
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-38591
PDD Holdings Inc.
First Floor, 25 St Stephen’s Green,
Dublin 2, D02 XF99
Ireland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
¨
Exhibit Index
Exhibit 99.1—Press Release (Earnings Release)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PDD HOLDINGS INC.
By
:
/s/ Lei Chen
Name
:
Lei Chen
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
By
:
/s/ Jiazhen Zhao
Name
:
Jiazhen Zhao
Title
:
Co-Chairman of the Board of Directors and Co-Chief Executive Officer
Date: August 25, 2026
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